SHANGHAI: China stocks ended largely flat on Wednesday, with heavyweight resource stocks pegged back by fears that sharp falls in Chinese commodities futures markets could prompt regulators to tighten curbs to dampen volatility.
The blue-chip CSI300 index was unchanged at 3,429.59, while the Shanghai Composite Index lost 0.1 pct to 3,205.06 points.
Iron ore futures in China slumped as much as 9 percent on Wednesday, falling sharply for a second session amid further losses in steel prices as investors pared bullish bets in a commodity saddled with excess supply.
The selloff spread to other major commodities traded in China’s futures exchanges, including coke, coking coal, rebar and copper, dragging down material and energy plays. A weaker yuan added to worries, with the currency slipping further after the central bank set a weaker daily midpoint for a ninth straight session.
Premier Li Keqiang said on Tuesday China will accomplish key 2016 development tasks, giving some indication that the economy is stabilising.
Investors turned to growth stocks, with sentiment bolstered by bellwether LeEco, which rallied on news that the company had secured commitments to fund $600 million for its automotive unit and high-tech business.
